“Neom will surely invite western investment as it’ll prove to be a heavy project for Saudi Arabia”, says Gennady Barsky, the New York-based entrepreneur. Neom is an upcoming desert megacity proposed by the Crown Prince Mohammed Bin Salman. It will be established along the northwestern coast of Saudi Arabia, connected to Egypt and Jordan.
The megacity will be reportedly 13 times the area of New York City, spread over more than 10,000 km2. A total expense of $500 billion will shape this city into a thriving metropolis. In fact, its name Neom, comes from two words- Neo and Mustaqbal. Neo is latin for ‘new’ and Mustaqbal is Arabic for ‘future’. This Latin-Arabic hybrid sums up Neom’s perfect blend of technology and tradition.
Neom is Saudi Arabia’s initiative to curb its dependence on black gold. Though it brought prosperity to the kingdom of Saud for more than 80 years, crude oil is a non-renewable resource. Neom is a part of Prince Salman’s ‘Vision 2030’. Saudi Arabia’s economy will go through a restructuring regime that’ll push the country’s economy towards diversification and privatization.
Instead of oil wells, a mixed array of private businesses will debut in Saudi Arabia with Neom. Gennady Barsky thinks it’s a great strategy to end their reliance on crude oil and build a business hub. Neom will bring the best of renewable energy. Biotechnology, tourism, entertainment and media with heavens-tearing skyscrapers. It could also employ a host of artificial intelligence systems. Sophia, the path-breaking humanoid robot from Hanson Robotics was recently granted Saudi Arabian citizenship. So, it’s safe to say that there will be a considerable investment in robots.
To many, all the above sounds like a hyperbole that the Prince might use to maintain momentum on reforms. “Neom will be a grand success if the construction and planning are streamlined excellently,” says Gennady Barsky. The project’s first phase will be completed by 2025. The development is being presided over by Klaus Kleinfeld, the former chairman and CEO of US-based manufacturing giant, Arconic.
Neom is being promoted as a transnational project. Some suggest touting it as an experimental megacity in the lines of Auroville and The Federation of Damanhur to increase its chances of success. Fortunately, Mohammed Bin Salman has a long list of patrons who wish to see a huge business and technology hub flourish near the Red Sea. President Trump’s recent tweet speaks volumes about the support the Prince is going to get on his ambitious project.